A multifamily community set to bring 300 units to Livingston in Essex County recently secured construction financing and equity placement.
JLL said Jan. 5 it represented the sponsor, Okner Developers LLC, to secure the 10-year $88.6 million construction loan through Northwestern Mutual, in addition to arranging $38 million in joint venture equity, also with Northwestern Mutual.
Situated on Okner Parkway, Canterly Place will feature 240 market-rate units and 60 affordable residences, according to JLL. One-, two- and three-bedroom layouts will be available, featuring designer kitchens, hardwood-style flooring, oversized windows, walk-in closets, and in-unit full-size washers and dryers. Community amenities will include a hotel-style lobby, a clubroom, a library lounge, a private dining, a game room, a fitness center, coworking space, a golf simulator, a resort-style pool, a paved walking path/fitness trail, a basketball court, a pickleball court and more.
Senior Managing Directors Jon Mikula and Jim Cadranell, Managing Director Matthew Pizzolato and Vice President Michael Lachs led the JLL Capital Markets Team.
“JLL is pleased to announce the successful capitalization of this exceptional project,” Cadranell said in a statement. “Northwestern Mutual recognized the outstanding investment characteristics of this development which outweighed the current disruption in the capital markets. Canterly Place will be a first-class property that will enhance the quality of life of its residents and the surrounding community.”
The property is located just off of Route 10 and less than a mile west of Eisenhower Parkway, offering access to Interstates 280 and 287 as well as Route 24. Livingston is just 10 miles from Manhattan.i